Fatwa ID: 05123
Answered by: Maulana Syed Johir Miah
Someone asked me the following in regards to their Zakat and when can we say that he was Malik of Nisab?
Do you count the date that you were owed the money, the date they sent the money, or the date you got the money?
In the name of Allah, the Most Gracious, the Most Merciful
Zakah is an obligation for every free, sane, mature Muslim when they have owned the value of Nisab and a year has passed.
Zakat is also due upon a person who has money up to the amount equivalent to 52.5 tolas (612.35g) of silver. The nisab of zakat for gold is 7.5 tolas (87.48 g) and for silver, it is 52.5 tolas (612.35 g). 
The owed money or the money which is lent is inclusive to Zakah, as that is your possession and you will have to pay Zakah on it and not the person to whom it has been lent.
However, where there is bankruptcy is involved, it is mentioned:
In the Hanafi school of thought, according to the relied upon opinion, the apparent inability of the borrower to pay off the debt, such as in the case of genuine bankruptcy, does not carry any legal consequences, as far as Zakat accumulation of the lender is concerned. The lender will need to backdate the Zakat payments to account for all the previous years upon receiving the debt. However, at this present moment, you are not liable to pay Zakat on this money your relatives owe you. If at some later date, however, they pay you, at that time you will need to backdate the Zakat to cover all the previous years.
In the aforementioned case to work out your Zakah, you would count the asset and the money you have in hand by your Zakah anniversary date, regardless of the fluctuation within the year.
Only Allah knows best
Written by Maulana Syed Johir Miah
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
الزكاة واجبة على الحر العاقل البالغ المسلم إذا ملك نصابا ملكا تاما وحال عليه الحول
Hidaya, 95/1, Dar IhyathTurath, Beirut, Lebanon.
نِصابُالذَّهَبِعِشْرُونَمِثْقالًاوالفِضَّةِمِائَتادِرْهَمٍ كُلُّ عَشْرَةِدَراهِمَ (وزْنُ سَبْعَةِ مَثاقِيلَ(
Raddul Muhtar, 295/2, Darul Fikr, Beirut, Lebanon, 1412 H.
وَلَوْ كَانَ عَلَى مُقِرٍّ مُفْلِسٍ فَهُوَ نِصَابٌ عِنْدَ أَبِي حَنِيفَةَ ؛ لِأَنَّ تَفْلِيسَ الْقَاضِي لَا يَصِحُّ عِنْدَهُ ، وَعِنْدَ مُحَمَّدٍ لَا يَجِبُ لِتَحَقُّقِ الْإِفْلَاسِ عِنْدَهُ بِالتَّفْلِيسِ وَأَبُو يُوسُفَ مَعَ مُحَمَّدٍ فِي تَحَقُّقِ الْإِفْلَاسِ ، وَمَعَ أَبِي حَنِيفَةَ فِي حُكْمِ الزَّكَاةِ رِعَايَةً لِجَانِبِ الْفُقَرَاءِ كَذَا فِي الْهِدَايَةِ فَأَفَادَ أَنَّهُ إذَا قَبَضَ الدَّيْنَ زَكَّاهُ لِمَا مَضَى
Al- BahrurRaaiq, 223/2, Darul Kutub Al-Islami,
Al-Hidayah, 96/1, Dar IhyathTurath, Beirut, Lebanon.
Al-Inayah, 168/2, Darul Fikr,